Obama wouldn't be the Democratic nominee, because Democratic Party voters are probably going to go with someone who they think is experienced enough to guide the country through the crisis and/or someone with some populist street cred. My guess is that Obama wouldn't even be the go-to choice for liberals - it'd be John Edwards.

Edwards and Clinton (who fakes populism like there's no tomorrow) duke it out and Edwards' sex scandals probably do him in and allow Hillary to win the nomination.

On the Republican side, this probably gives a big boost to Huckabee, although I could still see McCain as the nominee. Either way, the Democrats win by an even larger margin, as now they have an entire year to hit the Republicans not just for their foreign policy failures, but also a massive economic crisis. Nader might get 1 percent of the vote.